The U.S. Department of the Treasury announced last week that it has selected three firms to manage its portfolio of assets issued by banks and other institutions participating in the Capital Purchase Program (CPP).

The U.S. Treasury Department has released the names of four more servicers who have officially signed on to participate in the administration’s Home Affordable Modification Program. Joining the list of participants is Wilshire Credit Corporation, Pittsburgh’s Home Loan Services, Countrywide Home Loans, and Bank of America.

The International Monetary Fund (IMF) released a report this week that estimates U.S. banks will lose another $550 billion in the value of their holdings over the next two years as a result of the financial crisis.

Fannie Mae’s newly appointed president and CEO Michael J. Williams recruited three former bank executives to fill key management positions this week. To round out the company’s leadership team, Williams has hired Timothy J.

Freddie Mac released the results of its weekly Primary Mortgage Market Survey (PMMS) on Thursday. For the week ending April 23, 2009, Freddie’s study shows that long-term interest rates are now lower than those for short-term mortgage products.

The city of Detroit has implemented a new vacant property procedure that allows city inspectors to board up vacant, foreclosed homes at the cost of the property owner. The city says the ordinance is intended to secure and protect vacant properties for the safety of the community.

The House Financial Services Committee held its final hearing Thursday on mortgage reform. The committee plans to vote on the bill next week and send it to the full House for approval soon after. Committee leaders say the legislation is needed to prevent those practices that led to the nation’s mortgage meltdown and financial crisis from being repeated.

Freddie Mac’s acting CFO David Kellermann, 41, was found dead in his Vienna, Virginia home early Wednesday morning. According to Washington, D.C. television station WUSA, Kellermann’s wife told local police he committed suicide.

The Federal Housing Finance Agency (FHFA) reported on Wednesday that U.S. home prices rose 0.7 percent from January to February, based on the purchase prices of homes owned or guaranteed by the GSEs. It’s the second month in a row that FHFA has recorded a national gain in residential real estate values.